Zilliqa (ZIL/USD) and NFT music platform Token||Traxx secured a $1.1 million partnership to make the music industry more rewarding and equitable, Invezz learned from a press release. The public blockchain, which aims to become carbon-neutral by next year, is on a mission to come to the fore of the music creator economy by using NFTs and blockchain to please fans and incentivize artists.
An evolutionary milestone in the music industry
Among the new engagement opportunities to be created by Token are the evolution of playlists, royalty payments, and rights ownership. While all of these already exist on Spotify and Apple Music, ledger tech will be used to power them. Former Warner Music chairman Miles Leonard heads Token||Traxx.
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Dr. Ben Livshits, Zilliqa CEO, commented:
With Token||Traxx, we’ve got a powerhouse of a team that draws expertise from music and entertainment, technology and business. Together, I believe we’re capable of making the music industry more rewarding for everyone by leveraging the benefits of blockchain.
Zilliqa and its cofounder Max Kantelia will invest $1.1 million in the partnership together, but as separate entities. Kantelia said:
Token||Traxx has created a game-changing model that will enrich the value chain of music creation, consumption and collection. Music has always been a passion of mine, and now I get the opportunity to see a new layer of it unlocked with my other passion: blockchain. I’m thrilled to see that tokenisation is being applied to millions of music fans around the world. Looking forward to kicking off what will be a harmonious collaboration between Zilliqa, Token||Traxx and myself!
Miles Leonard added:
There is an intricate and symbiotic relationship between the music community’s creators, curators and collectors. Their unique roles are all coordinated through the implementation and love of music. The Token||Traxx platform, through this partnership with Zilliqa, will allow these three essential roles to work and profit together, using a new income stream that rests on NFT technology.
Token will get instant access to Zilliqa’s secure, reputable, and scalable protocol renowned for its reasonable gas fees and low-cost minting. Zilliqa was the first permissionless blockchain and smart contract platform developed on sharded architecture. It can process thousands of transactions per second.
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